Lawtech company Autto raises $1m in funding, adding new investment from Tangible Ltd.

UK News

21
Aug
2019

Editor

Autto, the simplified automation provider, has today announced that it has raised $1m USD in funding, its second significant round since the company launched in February 2018.

The finance has been raised from existing angel investors, a UK government grant, and new investment from Tangible, a corporate legal platform in the US. The funding will be used to evolve Autto’s platform to deliver the next generation of simple automation, as well as to conduct further research, in partnership with the University of Exeter, into lawtech adoption.

Autto offers simplified automation capabilities via its SaaS-based platform. Organisations use Autto to create workflows to automate routine tasks, enabling staff to spend more time doing the jobs that they love. It is targeted at professional sector organisations who are keen to embrace emerging technologies but struggle with the cost and complexity of current high-end solutions. With Autto’s intuitive and easy to use automation platform users can start creating and automating workflows within an hour, with initial starter plans free of charge.    

Co-founders Ian Gosling, Max Cole and Krisztián Kerék have sustained interest from angel investors led by serial technology angel,  Sean Phelan,  demonstrating a continued confidence in the success of Autto. New investment from Tangible, and private investment from Tangible’s founders - lean-law advocates and seasoned investors Robert Reynolds and Denise Barnes - was secured after the company trialled Autto’s solution on existing Fortune 500 clients with impressive results.

Tangible provides the highest level of legal service delivery to clients through technology and teams and focuses on replacing time with tech wherever possible. Using Autto, Tangible will be building out workflows in core areas and will make them available via self-service or customised service, removing the need for customers to build their own workflows and increasing the adoption rate.

“Autto provides a simple yet effective solution to the needs of our internal and external clients. We’ve seen first hand the benefits derived from the creation of its workflows, and we wanted to play a part in its future development,” said Robert Reynolds, Founder & CEO at Tangible. “Autto provides organisations with a dynamic platform to automate the necessary to enable the exceptional. To drive adoption, Tangible will be building out a library of workflows (what we call Catalysts) and launching them into the market in the coming months in partnership with Autto. We are excited about the possibilities of working with Autto to help drive the next stage of its journey.”

This investment sits alongside a grant from UK Innovate for its TAILS initiative (Transforming Accountancy, Insurance and Legal Services) and is Autto’s third grant from a Government-backed organisation.  The TAILS initiative is run by Innovate UK with £12 million of Government funding allocated to “develop AI and data-enabled products and services within accountancy, insurance and legal services.” It forms part of the Government’s modern Industrial Strategy, which commits to "placing the UK at the forefront of the sectors and technologies of the future.” Part of this funding, will see Autto work in conjunction with the Business School at  The University of Exeter to deliver research into lawtech adoption.

“This funding announcement is a huge milestone in Autto’s journey. It signifies a growing appetite for our solution and an affirmation of the need for simple-to-implement technologies in the workplace,” said Ian Gosling, CEO and co-founder of Autto. “We have great ambitions for the company and this funding will help us to expand our capabilities and help our customers on their automation journeys.”